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The NAR Settlement - Should Canadian realtors ignore it or take action?

Last week there was a groundbreaking legal settlement with the National Association of Realtors (NAR) in the United States.

For those that are not aware you can learn more here or if you want a shorter snippet: google has tons of articles (it’s a huge topic)

I know my colleagues and I have been chatting quite a bit about this and I’ve also spent a good amount of time listening to various vlogs, podcasts etc.

Even though this is a US settlement, many believe that elements of the commission changes will be making its way to Canada.

So what’s a realtor to do?  Do you talk about it on Social Media? Do you start dropping your commission in hopes of winning more clients now? Do you ignore it?

Here are my thoughts: there is action to be taken but it’s more behind the scenes.

Since the Canadian market is quite different, we likely won’t be seeing any changes for a while.  Which is great because you get the opportunity now to start showing your value before it’s necessary and before it looks like you are being reactionary. 

If the changes in Canada are such that buyers will be responsible for our service fee or anything of that variation, showing value is going to be your best friend.

How can you do that?

  1. Ensure your buyer’s presentation/package is stellar

  2. Always be providing excellent and relevant information in advance of being asked

  3. The more clients start feeling your value and if you use this time to start really solidifying your referral business you will have a much easier time IF there are changes. And if not, oh well, you are still earning more referrals and business now because of your efforts.  It’s really a win/win for you!

If you like this email and are looking for some more tips, check out my IG: jd.consult



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